It takes into consideration all prospective losses but not the prospective gains.
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Keep practicing — related questions
- Anticipate no profits but provide for all possible losses is concerned with which concept?
- _________ concept requires that assets and profits not be over-stated.
- Which of the following is not an Accounting concept?
- Gains will not be recognised until earned, losses will be recognised as soon as they are likely
- Diversification leads to lack of focus and losses.
- Which principle is often described as ''Anticipate no profit but provide for all possible losses''?
- The concept of conservatism takes into account
- A shopkeeper takes 20% profit on his goods. He lost 20% goods during theft. His loss or gain percent is